Tax Laws Amendment (2004 Measures No. 7) Act 2005 (41 of 2005)

Schedule 6   Consolidation

Part 3   Ensuring no double reduction in working out step 3 of allocable cost amount on entry

Income Tax Assessment Act 1997

3   Subsection 705-90(6)

Repeal the subsection, substitute:

Undistributed profits must have accrued to joined group

(6) Next, work out the extent to which the undistributed profits that satisfy the requirements of subsection (3) accrued to the joined group before the joining time (subsection (7) states what it means for a profit to accrue to the joined group before the joining time). The result is the step 3 amount.

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